Monthly Archives: March 2009

Choosing A Lender

1. Explore the lender’s borrower benefits: Does the lender offer you various benefits? These benefits may include a low origination fee (a lender can charge up to 1%), a low default fee (a guarantor can charge up to 1%), and reduced interest rate for ontime repayment or auto debit payments. Is it possible to lose these benefits, and if so, what circumstances can lead to the loss of benefits?

2. Test drive the lender’s customer service: Call their 1-800 numbers. How long did you have to wait before speaking to a representative? How long were you placed on hold, if at all? Ask the customer service representatives a few questions.
For example: Do they sell their loans? The lender themselves may have excellent service, but if they sell your loans on the secondary market, will the company that bought your loans offer this same exemplary service?
OR What are their hours of operation? Are these hours compatible with your needs? What online resources are available if you cannot reach a customer service representative?

3. Visit the lender’s website: Look for borrower education, debt management resources, and online payment options. Do they offer education tools such as repayment calculators or tutorials that answer your questions and respond to their needs? Can you make online payments if you’re living outside the US?

Student Voices: Life on a Budget

“…anyone who lives within their means, suffers from a serious lack of imagination.”
- Oscar Wilde

Going Out

“MIIS offers monthly happy hours with kegs, wine, small appetizers, and a fun crowd that is free so long as one brings a cup…”

“Clubs like the United Nations, the American Red Cross, and the Environmental Task Force offer free movies and activities during the week and weekend…”

“Volunteer at tourist events, such as the Monterey Jazz Festival and Wine Tasting Weekend. By volunteering, the sponsor will often provide you with a free admission ticket.”

“The aquarium usually costs $20 per person; however, they offer one week in December which is free to everyone living in Monterey County, with proof of residence.”

“Peter B’s Happy Hour: You can’t beat this happy hour. Featuring a wide selection of appetizers for a few dollars each, and don’t forget the $2.50 beer.”

Groceries

“…arrive at the Farmer’s Market right at closing time, and many food vendors give away or discount their remaining food.”

“Check out the Produce Market, a small, well-priced store on North Freemont Street.”

“Save coupons until the item goes on sale, then receive the coupon discount in addition to the sale price, which will often save 50% or more on the item.”

“…shopping in ethnic grocery stores is the cheapest place to find rice, curry pastes, etc.”

“What about those Starbucks lattes, macchiatos, and mochas? You can make those at home…All you need is a French press ($20), milk foamer ($10) and some great coffee ($6). Add some cocoa or caramel syrup to your espresso before adding the foamed milk and voila! Fun under $40 (that’s about 10 Starbucks mochas) you’ve invested in your coffee drinking for the duration of your time at MIIS…”

Bills (Ya know, the one’s you have to pay!)

“… to those who have just arrived in this country but have no cell phone to make local calls. You should download Skype. Then you can make free phone calls in the US with this software. It helped me a lot when I first arrived here.”

“Share a wireless internet signal (and monthly cost) with immediate neighbors.”

“Everyone at MIIS has a unique ability or talent that someone in the area could benefit from: tutoring, offering language practice or lessons.”

“[Use alternative rates on utilities] PG&E’s California Alternative Rates for Energy (CARE) Program offers a 20% discount on your energy bill.”

“Study at the library rather than at home. Not only will the distractions be less but your lights are off and your laptop is plugged in somewhere else.”